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Voluntary Trading Statement
CAPITEC BANK HOLDINGS LIMITED
Incorporated in the Republic of South Africa
Registration number 1999/025903/06
Ordinary Share Code: CPI ISIN Number: ZAE000035861
Preference Share Code: CPIP ISIN Number: ZAE000083838
("Capitec" or "the group")
VOLUNTARY TRADING STATEMENT
In accordance with Capitec's custom of keeping shareholders informed,
the board advises that a reasonable degree of certainty exists that for
the year ended 29 February 2024:
- group headline earnings per share will be between 9 049 cents and
9 208 cents per share, representing an increase of between 14% and
16% compared to the restated 7 938 cents per share for the
comparative year ended 28 February 2023*; and
- group earnings per share will be between 9 044 cents and 9 202
cents per share, representing an increase of between 14% and 16%
compared to the restated 7 933 cents per share for the comparative
year ended 28 February 2023*.
The growth in headline earnings and earnings per share was driven by
strong performance during the second half of the 2024 financial year
following subdued growth during the first half. The group's performance,
despite challenging economic conditions, can be attributed in the main
to the factors detailed below.
The 2024 financial year was characterised by strong double-digit growth
in net transaction and commission income fuelled by growth in clients
transacting digitally, and client adoption of our value-added services
and new payment channels.
Funeral insurance income increased on the back of high funeral policy
sales and client retention along with stable collection rates.
The impact of tightened credit granting criteria began to manifest during
the second half of the year and the credit impairment charge decreased
compared to the preceding half of the year. The lower charge in
conjunction with the conservative growth in the loan book led to an
improved credit loss ratio.
* Shareholders were informed in a SENS announcement published on 4 July 2023 that
the group had implemented the IFRS 17 Insurance contracts standard on
1 March 2023. IFRS 17 replaced IFRS 4 Insurance Contracts for annual periods
beginning on or after 1 January 2023.
The implementation of IFRS 17 necessitated the restatement of the group
earnings and headline earnings per share for the year ended 28 February 2023.
Any adjustments to the carrying amounts of assets or liabilities prior to the
2023 financial year were recognised as an adjustment to retained earnings on
1 March 2022.
The group's IFRS 17 transitional report contains detail regarding the
restatements and can be accessed on Capitec's website at
https://www.capitecbank.co.za/globalassets/pages/investor-relations/ifrs-17-
transitional-report.pdf
The financial information on which this voluntary trading statement is
based has not been reviewed or reported on by Capitec's auditors. The
financial results for the year ended 29 February 2024 are expected to be
published on SENS on or about 23 April 2024.
Capitec's presentation of the financial results for the year ended 29
February 2024 will be livestreamed on or about 23 April 2024 at 8am SAST.
The link to the livestreaming event will be published on Capitec's website
at https://www.capitecbank.co.za/financial-results/
Stellenbosch
8 March 2024
Sponsor
PSG Capital
Date: 08-03-2024 02:10:00
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